Is Bloomberg’s Article on “India Jailing Crypto Holders for 10yrs” a Clickbait?

    Well often, it’s pretty common for some news agencies to report a made up story to gain traffic. Such things aren’t believed in most of the times. But if it’s from a big head, people will definitely have a look.

    Is Bloomberg’s Article on “India Jailing Crypto Holders for 10yrs” a Clickbait?

    Crypto Jailing
    Crypto Jailing

    Bloomberg’s Quint, a reputed news reporter has startled the crypto community yesterday with an unreliable new article. On June 7th morning, the agency has published an article on its online site titled as “Exclusive: India Proposes 10year Jail For Cryptocurrency Use, May Introduce Its Own Currency

    The article started as, “India has proposed a jail term of one to 10years to those who mine, hold or sell cryptocurrencies….

    The article was locked and was asking for membership signup to read it further.

    This article has shaken the big personalities of crypto-sphere. Founders of Binance, Wazirx, and others have responded with confusion and later opinion statements on Twitter.

    (Original post from Bloomberg –

    What’s actually happening?

    Well, this isn’t trusted though. Many of the crypto pandits around have busted the article saying it’s just a clickbait and nothing else. The sources of Bloomberg’s article aren’t verified and the article doesn’t seem to be genuine. Everyone believed it to fake and written just to spread FUD in the community.

    What’s with India anyway?

    The Indian Government has recently responded to an RTI saying it has never acknowledged any notice on Crypto ban. Furthermore, it has revealed that the drafting of Crypto bill for India is over and ready to be announced. After a series of postponements, the Indian Supreme Court is finally ready to hear the RBI’s ban and Crypto regulations from the formed committee on July 23rd. And on July further week, it’s ready to announce their draft made for regulating cryptocurrencies and blockchain firms.

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